Leaving Russia Cost Foreign Companies $103 Billion

While the European Union is preparing to finally approve the 12th package of sanctions against Russia, including, in particular, a ban on the import of Russian diamonds, Western and Asian companies have calculated their financial losses caused by a chaotic and ill-prepared flight from the Russian market.

According to a survey conducted for the New York Times, foreign companies that left Russia in 2022-2023 “collectively reported losses of $103 billion.” Taxation of businesses leaving Russia “brought at least $1.25 billion into the Russian state treasury in 2023 alone.”

New EU sanctions against the Russian Federation may be approved from December 18 to 19. According to some well-informed “diplomatic sources” among European leaders, quoted by the British newspaper Financial Times, the package has already been signed and “only some minor formalities remain.”

The European Union is trying to lay hands on the huge profits from Russian assets blocked in the West. At the moment, it doesn’t know how best to do this, stressing the importance of “thorough management” and adherence to current legal principles.

“Such initiatives,” the Brussels representative emphasized, “will be carried out in compliance with treaty obligations and in accordance with European and international law.”